JSW Energy Limited reported a consolidated profit after tax of ₹1,141 crore for the quarter ended 30 September 2026, up from ₹824 crore a year earlier. The Mumbai-headquartered power producer disclosed the results on 28 October 2026 and said EBITDA and profit were its highest for any quarter. Its board also approved raising up to ₹5,000 crore in long-term funds, including through rated, listed non-convertible debentures. Installed capacity stood at 15,147 MW on 5 October 2026, as the company pursues a 30 GW target by FY30.
Key Financial Figures
According to the results presentation filed with the stock exchanges:
- Total revenue: ₹6,658 crore, up 24% from ₹5,361 crore in Q2 FY26
- EBITDA (earnings before interest, tax, depreciation and amortisation): ₹3,907 crore, up 23% from ₹3,180 crore
- Profit before tax: ₹1,348 crore, up 41% from ₹955 crore
- Cash profit after tax: ₹2,099 crore, up 39% from ₹1,512 crore
- Finance cost: ₹1,615 crore, against ₹1,418 crore
- Half-year revenue: ₹12,094 crore, against ₹10,772 crore in H1 FY26
Net debt stood at ₹65,576 crore, made up of ₹58,410 crore of operational debt and ₹7,166 crore of debt on capital work in progress. Net debt to equity rose to 1.79x from 1.70x in Q1 FY27. Cash and equivalents were ₹15,698 crore, and receivable days fell to 63 from 65 in Q1 FY27.
Fund-Raising Decisions
The board made two funding decisions. The first is long-term funds of up to ₹5,000 crore, including debentures on a private placement basis, in one or more tranches. It authorised the Finance Committee to decide the detailed terms of issue.
The second covers a separate limit. Shareholders approved raising up to ₹10,000 crore at an extraordinary general meeting on 3 January 2026, and that approval is valid until 2 January 2027. The board has now approved raising up to ₹6,000 crore, the unutilised part of that limit, through private offerings, preferential allotment, a qualified institutions placement or other permitted methods. It will seek fresh enabling approval from members through a postal ballot. The company has not said when it will launch either raise.
Generation and Capacity
Power sales rose 17% to 17.5 billion units from 14.9 billion units. Thermal generation rose 13% to 8.9 billion units, while renewable generation rose 21% to 8.6 billion units. JSW Energy added 1,686 MW in H1 FY27, of which 1,386 MW was renewable. The total includes 593 MW of solar, 535 MW of hybrid, 150 MW of hydro and 108 MW of wind.
The current portfolio is 61% renewable. It comprises 3,125 MW of wind, 2,426 MW of solar, 1,857 MW of hybrid, 1,781 MW of hydro and 5,958 MW of thermal capacity. In its release, the company said it is confident of reaching its FY27 target of 3 GW of renewable additions. A balance of about 1.6 GW is planned for the second half across 30 projects, with land, connectivity and long-term power contracts reported as secured.
The company splits that balance into 553 MW of captive, 443 MW of utility and 610 MW of commercial and industrial projects. Of the 36 projects in the FY27 pipeline, 6 are complete, 12 are partially complete and 18 are under active construction. Thermal gains came mainly from the Mahanadi and Utkal plants, where generation rose 16% and 48%. Wind and solar generation grew 25% and 36%.
Storage Plans
The presentation sets a target of 40 GWh of energy storage by 2030, with 29.6 GWh locked in. Pumped hydro accounts for 26.4 GWh of that figure and battery projects for 3.2 GWh. The company also lists an additional 77.1 GWh of pumped hydro opportunity under memoranda of understanding with various states. It targets 1.0 GWh of batteries by FY27.
Strategic Moves
- August 2026: Acquired the 300 MW Maruti thermal plant in Chhattisgarh at an enterprise value of about ₹1,410 crore. The plant has a 195 MW (net) long-term power purchase agreement (PPA) with Rajasthan distribution companies, with about 14 years of PPA life left.
- Q2 FY27: Signed a Shareholders’ Agreement with Druk Green Power Corporation to develop the 920 MW Punatsangchhu-III hydro project in Bhutan, held 51:49 by Druk Green and JSW Neo Energy.
- Q2 FY27: Completed turbine-generator orders for the 3,200 MW Salboni thermal project in West Bengal from Toshiba JSW Power Systems.
- October 2026: The National Company Law Tribunal sanctioned the demerger of GE Power India’s Durgapur boiler business into JSW Energy. GE Power India shareholders will receive 10 JSW Energy shares for every 139 shares held.
About JSW Energy
JSW Energy is part of the O. P. Jindal Group. Its credit rating was affirmed at AA/Stable/A1+ by India Ratings and ICRA. Long-term PPAs cover about 96% of its capacity, and the company put H1 organic capital expenditure at ₹8,114 crore, or 41% of its FY27 guidance of ₹20,000 crore. Commercial and industrial customers, including group captive buyers, account for about 25% of installed capacity.
Outlook
The company needs to commission about 1.6 GW in the second half to meet its 3 GW target. A further 2,761 MW has letters of award but no signed PPAs, and sits outside the company’s capacity chart. The postal ballot and the terms of the ₹5,000 crore debenture issue are the next filings to watch. Net debt and the leverage ratio in the Q3 FY27 results will show how far the new funding supports the build-out.
Official Sources
- JSW Energy Limited – Outcome of board meeting and financial results, Q2 FY27 (NSE, 28 October 2026): https://nsearchives.nseindia.com/corporate/KRUTIKAJSWEL_28102026151509_Outcome.pdf
- JSW Energy Limited – Q2 FY27 results presentation (NSE, 28 October 2026): https://nsearchives.nseindia.com/corporate/KRUTIKAJSWEL_28102026152034_LettertoBSENSEResultsPPTOct2026final.pdf
- JSW Energy Limited – Board outcome: raising of long-term funds (NSE, 28 October 2026): https://nsearchives.nseindia.com/corporate/KRUTIKAJSWEL_28102026152656_Outcome.pdf
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